Master in Economics and Finance at CEMFI is a 2-year full-time program intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The program is taught in English.
The distinctive feature of the program is the combination of an orientation towards applied and policy issues with a strong emphasis on analytical and quantitative approaches to these issues. This requires a solid understanding of the relevant economic, econometric, and computational techniques. The faculty teaching the courses are all active researchers at the frontier of their area of expertise. About 25 students are enrolled each year, which allows for close interaction with CEMFI’s faculty.
The Master in Economics and Finance at CEMFI is an official degree granted by Universidad Internacional Menéndez Pelayo (UIMP) according to the regulations of the Spanish Ministerio de Educación.
Each academic year is divided into three 10-week terms. Courses are concentrated in the first five terms, with three courses per term. Each course comprises three hours of lectures and one and a half hours of problem set classes per week. The sixth term is fully devoted to research work on the Master thesis that students must submit at the end of the program. In addition, a 2-week introductory course of Mathematics is taught in September of the first year.
The first two terms contain the core courses, while in the next three terms a wide range of elective courses are offered. The electives are grouped into four areas of specialization: Microeconomics, Macroeconomics, Econometrics, and Finance. The choice of electives does not have to be concentrated in one of these areas, so students can decide their own degree of specialization.
In the summer between the first and the second year students are offered a Summer internship at a financial institution, a consultancy firm, a public sector department, or collaborating as a research assistant for a project of a faculty member.
In addition, from the second to the fifth term there is a workshop in which students present and discuss applied economics papers and debate papers on economic policy issues. Throughout the year there is a series of invited lectures and several series of research seminars that students regularly attend.
The tuition fee for the Master in Economics and Finance 2010-2012 is EUR 3,600 per year. This figure may be adjusted by a limited amount, following regulations of the Spanish education authorities.
Exemption from tuition and scholarships
CEMFI may grant students exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year. Exemptions and scholarships are granted according to academic merit. Some of this support is funded by a set of sponsoring institutions.
Applicants of the Master are also encouraged to apply directly, well in advance, for other scholarships for graduate programs. Institutions awarding scholarships to Spanish, and some also to non-Spanish, students are: Banco de España, Fundación la Caixa, Fundación ICO, Fundación Rafael del Pino, Generalitat de Catalunya, Gobierno Vasco, and the Spanish Ministerio de Asuntos Exteriores y Cooperación, Ministerio de Trabajo e Inmigración (Becas Reina Sofía).
After enrolling in the Master you can also apply for a scholarship from the Spanish Ministerio de Educación.
Scholarships for Latin American students
The Fundación Carolina, in cooperation with the Fundación BBVA, has endowed four scholarships for Latin American students of the Master. The scholarships amount to EUR 1,200 per month for housing and subsistence, over 19 months, plus 2 additional months for those students who participate in a Summer internship program. The scholarships cover the cost of a roundtrip tourist-class ticket from the student's country of residence and medical insurance (excluding prescriptions). They also cover the Master's tuition.
The application form should be filled out electronically. Once filled out, the online application form should be submitted, including files for:
- Applicant’s photograph.
- Official transcript of grades obtained in undergraduate studies.
- Official transcript of grades obtained in graduate studies (if applicable).
- Proof of knowledge of English language.
- GRE scores.
- Any other documents.
These documents must reach CEMFI by 5 April 2010. A first round of decisions will be made for applications arriving by 5 February 2010.
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Program homepage : Master Scholarships at CEMFI